The most highly sought after digital collectable of the year is undoubtedly Cryptopunks. These small, quirky digital avatars are drawn in 8-bit style pixels, each one representing a unique algorithmically generated character – like no other. In the world of blockchain, these characters have become a phenomena as a result of their inherent rarity and the passionate fanbase that exists around them. As a result, Cryptopunks are now one of the most sought after digital collectables on the market, with some being sold at jaw-dropping prices of upward of $100,000.
If you’ve been looking at Cryptopunks and been thinking of buying, then you’ve more than likely come across the term ‘NFT For Sale’. But what this actually refers to and why is it so important to the Cryptopunks marketplace? To explain, NFT stands for Non-Fungible Token. In the case of Cryptopunks, this token represents a unique asset that can only exist within a defined blockchain ecosystem. It is this token that allows for the representation of a given asset or crypto graphic, such as the Cryptopunks characters, to be tracked and securely exchanged between digital wallets.
As you might have already gathered, this digital scarcity is also the reason behind the exponential increase in the value of some of the rarest Cryptopunks. This is because supply of these non-fungible tokens is fixed and limited, with only the original 10,000 characters created. Each of these characters has its own independent characteristics and attributes which’, together with its scarcity, inform its ultimate worth in the secondary market.
For example, there are certain Cryptopunks that boast certain aesthetic beauty, whilst others have a few defining characteristics which may push their price up. Certain Punk attributes, like gender and hairstyle, will also determine how valuable a Punk might be. Then there are others that may have a fixed outfit or even props associated with them which make them even more rare. Known as Legends, these characters are some of the most prized of all Cryptopunk assets.
Furthermore, NFT For Sale will also be listed on sites such as OpenSea, where users can bid or make offers on any given Cryptopunk, from which an open market price may then be determined. While the cost of some of the rarest Cryptopunks may be beyond the reach of most, day-to-day buying and selling activity continues to grow in this flourishing digital marketplace.
Though it’s not just individuals who are cashing in on the NFT For Sale phenomenon; entire businesses, such as CryptoPunks.com and CryptoKitties, are also built up around the trading of these unique digital assets. For those in the market for a Cryptopunk, approach with caution and be aware of your budget. With the right Punk and the right price, those digital assets may just be